Wolverine World Wide Q3 Profit Down

(RTTNews) - Wolverine World Wide Inc. (WWW) reported that its third-quarter net earnings attributable to the company declined to $22.4 million or $0.27 per share from $48.7 million or $0.57 per share in the prior year.

Adjusted earnings per share were $0.35, and, on a constant currency basis, were $0.34, compared to $0.68 in the prior year.

Quarterly revenue was $493.1 million, down 14.1% from the prior year. On a constant currency basis, revenue was down 14.6% from the prior year. Owned eCommerce revenue grew 56.4% versus the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share and revenues of $460.81 million. Analysts' estimates typically exclude special items.

The company expects that headwinds caused by the pandemic will persist in the near-term and that fourth quarter revenue will be down no more than 25% year-over-year, including the effects of a partial shift in revenue from international business into the first quarter of 2021.

The company will continue to invest behind the ongoing momentum of its key brands to enable accelerated growth in the first quarter of 2021.